Bailout deal collapses, Democrats try to blame McCain

Money is like Manure

it’s no good unless it’s spread!

When I left for Canada last week (yes this conservative does have a passport) the big story was Sarah Palin’s emails. Now that I am back the first thing I see on every blog and news paper is the failing banking and financial system. Even my own bank Washington Mutual has become the “Biggest Bank to Fail in U. S. History”. While our politicians seem to be running around in Washington with their heads cut off…Hm, not a bad idea!….the future of capitalism hangs by a spider’s thread blowing in the wind. If something isn’t completed and put into practice soon the whole web will pull up and blow down to the ground and across the street.

We have to keep the lifeblood of capitalism flowing in America

or our veins will dry up!

Normally, I am not a big government guy. Normally I would say let the buggy whip companies retool, go out of business, or dry up while new companies form and young businesses thrive. But in this case the consequences are too huge. Congress needs to get it together and soon. Now is the time for all good congressmen to come to the aid of their country and quit bickering like school boys trying to impress the cute girl. Get it done congress for the sake of our country’s future. Without a strong economy we do not have a strong military. This crisis will affect everything we know of our country. The time to act is now not next week!

I have no expertise in this area and in fact I am having a hard time following the process, but I do know that something has to be done soon. Congressman John Campbell has some ideas that sound solid and helpful.

John Campbell makes a lot of sense yesterday on the Hugh Hewitt show. You can hear the podcast here:

Friday September 26, 2008

H3: John Campbell, Guy Benson With Hugh Hewitt

09250803 Hewitt: Hour 3 – Guest host Dean Barnett gets an update on the bailout legislation from House Banking Committee member John Campbell, and gets reaction to it from one of the Young Guns, Guy Benson, and then takes calls.

John Campbell also said, “”I’m seeing both Republicans and Democrats start to move toward voting for it,” Rep. John Campbell (R-Irvine) said. “I can’t tell you that there’s a majority at this point, but there’s movement.”

Others have these Ideas

Hugh Hewitt:

Friday, September 26, 2008

Memo To House Republicans

Posted by: Hugh Hewitt at 8:26 AM Here’s a shocker: No one likes the risks involved in Paulson 2.0 or the precedent of using so much public money to rescue reckless bankers, both private and semi-private..

But there is a very good chance that (1) it will actually make money for the Treasury and (2) without it the financial crisis will spread and the small businesses of America and the people who own and staff them will be deeply injured. These businesses are the backbone of the economy, and they are in danger. This isn’t just a bailout of Wall Street; it is a breakwall for Main Street.

The GOP lost the majority and therefore doesn’t get to shape the bailout except on the margins. That’s the cost of past fecklessness, and intransigence in the minority during a crisis is nothing except a suicidal indifference to both the economic emergency and the reality of the possibility of panic. Gather with John McCain this morning –he is the leader of the party— and invest him with the authority to conclude or walk from the deal. And then work to get the majority back that will allow a greater role in the future by going to the country with a persuasive case on the origins of the crisis and the reality of future crises unless serious fiscal conservatives replace Nancy Pelosi and her gang.

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From Hot Air:

posted at 8:07 pm on September 25, 2008 by Allahpundit

Down goes Frazier. I missed the report on Fox earlier but Ace says it sounds like the Dems are trying to shift the blame for it from the House GOP to Maverick. Fair or no? Let’s see. Dodd lands the first blow:

Republican presidential nominee John McCain was blamed for de-railing negotiations by blindsiding lawmakers with his support for an alternative plan.

The ‘very contentious’ meeting broke up after Republican leaders said they had to go back to their rank-and-file to discuss the new proposal…

After the hour-long White House meeting, [Dodd] said: ‘What has happened here is that we have spent seven straight days to find a rescue plan for the economy.

‘What this looked like was a rescue plan for John McCain. To be distracted for two to three hours by political theatre doesn’t help.’

Democrats said the Republicans were on board with the deal until Mr McCain intervened an injected presidential politics into the situation.

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No Bail Out for ACORN

From Hot Air:

The Democratic ACORN bailout; Update: Video added

posted at 7:55 am on September 26, 2008 by Ed Morrissey

House Republicans refused to support the Henry Paulson/Chris Dodd compromise bailout plan yesterday afternoon, even after the New York Times reported that Treasury Secretary Henry Paulson got down on one knee to beg Nancy Pelosi to compromise. One of the sticking points, as Senator Lindsey Graham explained later, wasn’t a lack of begging but a poison pill that would push 20% of all profits from the bailout into the Housing Trust Fund — a boondoggle that Democrats in Congress has used to fund political-action groups like ACORN and the National Council of La Raza:

In the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.

“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”

Mr. Paulson sighed. “I know. I know.”

Michelle Malkin does not like the bail out idea!

Kill the bailout: More ACORN funding?!

By Michelle Malkin • September 25, 2008 10:26 PM

Just heard from several readers that Lindsay Grahamnesty told Fox that the Mother of All Bailouts includes a reported $100 million more in funding for the left-wing housing entitlement thugs and heavily tax-subsidized fraudsters at ACORN. Under the original bailout proposal, apparently, a large portion of any repayment of the $700 billion would go to Barack Obama’s good friends at ACORN with a smaller allocation to debt repayment. Readers heard him say it was 20 percent.

Told you not to trust Hank Paulson.

And I repeat: Fiscal conservatives need to be looking out for us tonight as they try to ram this thing through with a plethora of goodies for liberal shakedown artists. (more Malkin)

More Malkin agains plan:

Kill the bailout: Capitol Hill to pull an all-nighter; negotiations break down

By Michelle Malkin • September 25, 2008 07:31 PM

Treasury Secretary Hank Paulson’s meeting with lawmakers at 8pm Eastern tonight to try and bail out his trillion-dollar bailout.

The cable networks are reporting that Capitol Hill will pull an all-nighter.

I would urge all those Beltway staffers again to review Paulson’s abysmal record of misjudgments and pronouncements before signing onto anything in a rush to nail something down before tomorrow’s market open.

And fiscal conservatives in Washington: Keep an eye on the lard-up for us, please. God knows what the bailout architects will try to stuff into the package in the middle of the night.